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題名：公營事業民營化多階段釋股之研究
作者：江淑貞 引用關係
作者(外文)：Sue-Jane Chiang
校院名稱：國立中山大學
系所名稱：財務管理學系研究所
指導教授：張玉山
劉維琪
學位類別：博士
出版日期：2001
主題關鍵詞：承銷方式；釋股規劃；民營化釋股；政府干預；Government Intervention；Privatization Stock Floatation；Stock Floatation Schedule；Underwriting Mechanisms
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公營事業民營化已是世界的趨勢，許多國家之公營事業都在這股風潮下，移轉成民營企業。自民國78年起，我國的公營事業也紛紛透過釋股，移轉成民營企業。根據行政院核定的民營化時間表，未來還有數個大型的公營事業，準備以釋股方式民營化。
環視現有民營化的文獻，大都探討民營化後，經營績效是否提昇？或是比較公營、民營企業的經營績效，孰者為佳。在民營化釋股方面的分析，則多是實證的研究，通常為事後特性的歸納，鮮少以理論模型探討之。
Stoughton and Zechner(1998)建構一理論模型，分析當業主準備透過公開上市，釋出公司所有股權及經營權時，應該如何規劃，才能得到最大的釋股收入。本文認為政府辦理民營化釋股，基本精神是與民間一般企業的公開上市相似，因此，以其模型作為分析民營化釋股規劃的分析工具。惟政府部門在辦理公營事業民營化釋股時，所追求的目標不只有釋股收入最大，還有股權大眾化及事業單位未來經營效率最大等相關的政策目標。另外，基於民營化後，政府仍可能持有相當比例的股權，因此本文修改Stoughton and Zechner (1998)所建構的理論模型，除了增加政府部門的目標函數外，並將政府保留股權的比例亦以內生決定之。在此一理論模型下，探討政府部門民營化釋股規劃的相關課題，包括：釋股時程的決定，是第一次釋股就釋出經營權的「先大後小」的模式，還是第二次釋股才釋出經營權的「先小後大」的模式；一旦決定適當的釋股時程後，政府部門必須就現行各種承銷配售方式，決定適當的承銷方式。最後，民營化後，政府部門的態度--是否仍影響、干預事業單位，如何影響民營化釋股規劃及結果，也是本文另一個分析重點。
根據模型之分析，本文認為：若就股權大眾化、釋股收入最大及經營績效有效提升等政策目標而言，「先小後大」的釋股時程規劃較「先大後小」為佳。在如同前述的政策目標下，承銷方式中的「部分競價拍賣、部分公開申購」較「部分詢價圈購、部分公開申購」更能達成各種政策目標。另外，民營化後，政府保留大的裁量權，將使政府部門在第一、第二階段的釋股中，保留較多的公股，以行更大的影響力，但這種行政干預、對企業的影響力，卻會降低釋股價格。
During the past two decades, it was witness a dramatic global shift in economic policy away from state-owned enterprises (SOEs) towards privatization. Since privatization improves incentives, a rapid transfer of ownership and control right should be desirable. In Taiwan, the Executive Yuan of the government organized a group to promote privatization in 1989 and the officers then took the initiative to carry out the privatization program enthusiastically.
By classifying the privatization process into two stages, we analyzed the effect of different stock floatation schedules, different underwriting mechanisms, and different levels of government intervention on ownership structure and corporate governance. Based on the model inference, we found that when maximizing stock floating revenue, wider share ownership, and promoting the SOEs’ efficiency, a sequential transfer of ownership and control right should be better than privatized instantaneously. Under the same goals, the mechanism with partial public offering and partial auction was better than the mechanism with partial public offering and partial book building. Finally, it was not optimal for government to intervene the operating of SOEs after privatization.
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